In its statement, Moody’s said that: “Today’s rating action on the covered bonds is prompted by Moody’s downgrade of Cyprus’ sovereign debt and associated rating actions on Cypriot issuers of covered bonds”.

On 4 November, Moody’s downgraded Cyprus’s sovereign debt ratings by two notches to Baa3 on review for further downgrade.

On 8 November, Moody’s downgraded Marfin’s senior unsecured rating by three notches to B2 on review for further downgrade and BoC’s by one notch to Ba2 on review for further downgrade.

I would like to think that one day the penny will drop. And they, the Cyprus government will put there property market (all aspects of it) in order. Then they may see a gradual increase in business. New funds coming in and a recovery in the economy.

No chance why do things decently, honestly, in an open and fair way when you can rob people.

Creative accounting seems to fool all the people all of the time. The simple fact is that if do not have the disposable income to spend and no accompanying debt then you cannot afford it. It seems to me that a housewife is far more astute financially than these so called whizz kids who can crap miracles then walk away with massive bonuses and salaries leaving the whole mess behind for others to balance. Cyprus is debt ridden, as many other countries are but Cyprus’ time to repay is closer than a lot of others.